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IL HB5384
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Margaret Croke
Click for details
AI Summary
- Removes the requirement for the Secretary of Financial and Professional Regulation to investigate currency exchange businesses at least once annually, changing mandatory yearly investigations to discretionary examinations
- Eliminates the requirement for the Secretary to annually review and report to the General Assembly on Currency Exchange Section operating costs and examination revenue
- Establishes new fee-setting provisions across seven financial regulatory acts: Currency Exchange Act, Sales Finance Agency Act, Debt Management Service Act, Consumer Installment Loan Act, Safety Deposit License Act, Debt Settlement Consumer Protection Act, and Payday Loan Reform Act
- Authorizes the Secretary to establish fees by administrative rule and assess regulated entities for administrative expenses including licensing, investigations, and examinations
- Removes the provision allowing half-price license fees for Consumer Installment Loan Act applications filed after June 30th
Legislative Description
FINANCIAL REG-FEES-INVESTIGATE
Last Action
Assigned to Financial Institutions and Licensing Committee
2/24/2026
Committee Referrals
Financial Institutions and Licensing2/24/2026
Rules2/10/2026
Full Bill Text
No bill text available